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Better-than-the-wormhole 555 replies

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The WoRmHoLe

  • #3,681
  • Nov 3, 2009 1:51am Nov 3, 2009 1:51am
Quoting wormboy
GBP JPY

1. short @147.77 sl @149.05 (0.2)
Closed partial

GBP JPY

1. short @147.77 closed @146.76 (0.1)


Remaining stop amended.

GBP JPY

1. short @147.77 sl @147.70 (0.1)
Thank You
  • #3,682
  • Nov 3, 2009 1:53am Nov 3, 2009 1:53am
Quoting wormboy
Closed partial

GBP JPY

1. short @147.77 closed @146.76 (0.1)


Remaining stop amended.

GBP JPY

1. short @147.77 sl @147.70 (0.1)
As always, great trade,

thanks for the ride, more pips to you fellow trader...
My edge ===> Patience
  • #3,683
  • Nov 3, 2009 2:11am Nov 3, 2009 2:11am
Quoting Ben920FX
As always, great trade,

thanks for the ride, more pips to you fellow trader...
Thank you.
Good luck to you sir
Thank You
  • #3,684
  • Nov 3, 2009 2:13am Nov 3, 2009 2:13am
Quoting Ben920FX
As always, great trade,

thanks for the ride, more pips to you fellow trader...

Azim, good move. very sharp eye and mind. chicken like me dare not follow. thanks for the education.
Francis
  • #3,685
  • Nov 3, 2009 2:29am Nov 3, 2009 2:29am
Quoting francish
Azim, good move. very sharp eye and mind. chicken like me dare not follow. thanks for the education.
Francis
Hi francis.

Thank you. Never doubt, never second guess when you see an opportunity my friend. Hope you get the next trade

Posted this yesterday :
http://www.forexfactory.com/showpost...postcount=3676

This scenario is now confirmed. Pound is bearish atm.
Chart below explains why.

Good luck.
Attached Image (click to enlarge)
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Thank You
  • #3,686
  • Nov 3, 2009 4:18am Nov 3, 2009 4:18am
Quoting wormboy
Added to position

GBP USD

1. short @6458 sl @6605 (0.1)

2. short @6479 sl @6605 (0.1)

3. short @6403 sl @6605 (0.1)

Closed partial

GBP USD

1. short @6479 closed @6273 (0.1)


Remaining trades unchanged

GBP USD

1. short @6458 sl @6605 (0.1)

2. short @6403 sl @6605 (0.1)
Thank You
  • #3,687
  • Nov 3, 2009 4:28am Nov 3, 2009 4:28am
approaching the 76.66 psychological level.
Close above this & dollar is gonna be mega bullish.
I like ...
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Thank You
  • #3,688
  • Nov 3, 2009 4:42am Nov 3, 2009 4:42am
Quote
hi ll

I try not to guess what the outcome of the news/data has on my trading.
I don't move the market. Whatever the direction presented after the release, I try to follow it. Follow the money my friend http://cdn.forexfactory.com/images/s...im/winking.gif
If you are new to trading, I would humbly advise you to discard the thought that you could actually think and act like the pros before hand. You can't. None of us can. Save yourself the trouble & go with the order flow.

Good luck.
that was harsh.

well i have not been trading and been watching from the mentors here and been accustoming myself to the trends and how the news affect the market and so on....and most of all been testing my patience.

what i dont get is when you say go with the flow,how???? when??? when its going down/up 50 pips? 100 pips? 25 pips? Could you kindly please give me a tip?

And thank you for the past encouragements mate.
Yeah I know !!!
  • #3,689
  • Edited 7:35am Nov 3, 2009 7:23am | Edited 7:35am
Quoting lessonlearnt
that was harsh.

well i have not been trading and been watching from the mentors here and been accustoming myself to the trends and how the news affect the market and so on....and most of all been testing my patience.

what i dont get is when you say go with the flow,how???? when??? when its going down/up 50 pips? 100 pips? 25 pips? Could you kindly please give me a tip?

And thank you for the past encouragements mate.
you took it the wrong way. wasn't trying to be harsh in anyway whatsoever.

What I meant by orderflow was the trend you are trading from. Just don't waste your time guessing the outcome of news or data. Leave that to the "experts" lol. Don't complicate things that's all.
Sorry can't answer your question regarding the up down 50/100 pips as I do not know how you trade to be able to advise you on the matter.

Good luck
Thank You
  • #3,690
  • Nov 3, 2009 9:37am Nov 3, 2009 9:37am
Quoting wormboy
Closed partial

GBP USD

1. short @6479 closed @6273 (0.1)


Remaining trades unchanged

GBP USD

1. short @6458 sl @6605 (0.1)

2. short @6403 sl @6605 (0.1)

Added to position

GBP USD

1. short @6458 sl @6605 (0.1)

2. short @6403 sl @6605 (0.1)

3. short @6387 sl @6005 (0.1)
Thank You
  • #3,691
  • Nov 3, 2009 9:59am Nov 3, 2009 9:59am
Missed my entry order by 10 pips....hmmm...Alright current view...waiting for 6468 to short targeting one of the C's....
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Going to make it big by age 21.
  • #3,692
  • Nov 3, 2009 10:56am Nov 3, 2009 10:56am
boss im really really not offended....more of broke.

ehhh i trade by watching the news and looking at the trend lines,and the USD index, I focus a lot on the news, but now realizing that the trend do not follow the data as it can be deciphered into many meanings by traders.

hey can i ask you a question the entry you just put in

short at 6387 sl 6605 (0.1)

u meant the SL is 6605 right? and what does (0.1) means?

I am really new at this and just now had place short 4 hours ago at 6297 sl 6350...and...had a sandwich and checked yahoo and lost appettite aftewards....lol.
Yeah I know !!!
  • #3,693
  • Nov 3, 2009 11:06am Nov 3, 2009 11:06am
Quoting lessonlearnt
boss im really really not offended....more of broke.

ehhh i trade by watching the news and looking at the trend lines,and the USD index, I focus a lot on the news, but now realizing that the trend do not follow the data as it can be deciphered into many meanings by traders.

hey can i ask you a question the entry you just put in

short at 6387 sl 6605 (0.1)

u meant the SL is 6605 right? and what does (0.1) means?

I am really new at this and just now had place short 4 hours ago at 6297 sl 6350...and...had a sandwich and checked yahoo and...
okay
I don't trade the news. It's pointless for me.


yup sl is stoploss. sl 6605 means that's where I placed my stop.
(0.1) is my position size. in this case (0.1) = 1 minilot.
(1.0) = 1 full lot.

Hope that helps
Thank You
  • #3,694
  • Nov 3, 2009 11:24am Nov 3, 2009 11:24am
Thanks.

how do you justify your SL? is it from the highest resistance or from the size of your capital, say if i have a small capital and risk 5% it would decrease my SL and from what I see the volatility of GU 50 pips sometimes is not enough. From what I realized this past few days its never enough!!! lol.

hey thanks for being patient mate.
Yeah I know !!!
  • #3,695
  • Nov 3, 2009 12:09pm Nov 3, 2009 12:09pm
Quoting lessonlearnt
Thanks.

how do you justify your SL? is it from the highest resistance or from the size of your capital, say if i have a small capital and risk 5% it would decrease my SL and from what I see the volatility of GU 50 pips sometimes is not enough. From what I realized this past few days its never enough!!! lol.

hey thanks for being patient mate.
If you deem that a 50 pip s/l is too tight for your chosen trading method, then simply reduce your leverage and risk more pips at the outset, in order to take into account the underlying volatility in the market. In my opinion, risking 5% of your capital on a single trade is far from a prudent approach, particularly so for new traders, who desperately need the luxury of time to learn and understand the extremely complex and forever changing nature of forex.

As a very general rule, you should be looking at placing s/l 10-15 pips beyond key areas of support and resistance.
  • #3,696
  • Nov 3, 2009 12:12pm Nov 3, 2009 12:12pm
Quoting lessonlearnt
Thanks.

how do you justify your SL? is it from the highest resistance or from the size of your capital, say if i have a small capital and risk 5% it would decrease my SL and from what I see the volatility of GU 50 pips sometimes is not enough. From what I realized this past few days its never enough!!! lol.

hey thanks for being patient mate.
my hard stops are placed depending on the particular trade setup. Always variable, never fixed. Sometimes, from the highest point before my trendlines crossovers, sometimes at supp/res. And like I said, depending on the trade setup, even the supp/res levels I pick from varies. For example if I am planning on EU short off this major ltl2 (chart), I'd be placing my stop at the previous high before the crossover. Large, wide stops does not spook me, because just like my stops, position sizes are variable as well. I will adjust accordingly so it does not disrupt my risk exposure. Remember, the lower the risk exposure (ie position size), the higher your risk tolerance (stop size).

Bruce Kovner said it best - " Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose. "


Good luck
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Thank You
  • #3,697
  • Nov 3, 2009 1:37pm Nov 3, 2009 1:37pm
Quoting wormboy
...
Bruce Kovner said it best - " Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose. "
  • #3,698
  • Nov 3, 2009 1:42pm Nov 3, 2009 1:42pm
Quoting wormboy
okay
I don't trade the news. It's pointless for me.


yup sl is stoploss. sl 6605 means that's where I placed my stop.
(0.1) is my position size. in this case (0.1) = 1 minilot.
(1.0) = 1 full lot.

Hope that helps

Wise words Azim,

If I may chip in - I read something on one of the other threads - Strats I think, that really struck a chord with me...

Dr Joe says ' If its going up I buy, if it's going down I sell'.

In other words go with the flow or the trend is your friend.

My trading improved when I stopped trying to pick tops and bottoms...lol.
  • #3,699
  • Nov 3, 2009 3:21pm Nov 3, 2009 3:21pm
Quoting wormboy
Closed partial

GBP JPY

1. short @147.77 closed @146.76 (0.1)


Remaining stop amended.

GBP JPY

1. short @147.77 sl @147.70 (0.1)

Remaining trade stopped.

GBP JPY

1. short @147.77 stopped @147.70 (0.1)
Thank You
  • #3,700
  • Nov 3, 2009 3:53pm Nov 3, 2009 3:53pm
GBP JPY

1. short @148.48 sl @148.70 tp @147.80 (0.1)
Thank You
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